The amount paid regularly by the assured to the insurer is

Assessment: WAEC SSCE - Commerce - 2008 (Objective) Subject: Commerce

Question 1 Report

The amount paid regularly by the assured to the insurer is
Answer Details
The amount paid regularly by the assured (the person who wants to be insured) to the insurer (the company providing insurance) is called the premium. The premium is the cost of obtaining insurance coverage, and it is usually paid in installments (monthly, quarterly, or annually) by the insured to the insurer. The premium amount is based on several factors, such as the type and amount of coverage, the risk level of the insured, and the probability of a claim being made. The payment of the premium is essential to maintain the insurance policy in force, and failure to pay may result in the cancellation of the policy.
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